Any CFP's here?

[Justabirdwatcher]

Wife and I are roughly a year out from our retirement eligibility date (she's already eligible), and we really need to be talking with someone who knows what they are doing before we make any big decisions. Any CFP's here or have one you'd recommend? Would help if they are familiar with federal FERS, TSP's and state teacher retirement programs.

We're looking at relocating and my biggest question is how to use our TSP savings toward the purchase of a retirement property.

Thanks!

 

[tim629]

you can send it in to "The Money Guy Show" podcast, tuesdays 10am central they take live questions on their youtube.

 

[marksjeep]

WRT the federal side, I have attended several workshops put on by these folks and know several recent retirees who have used them with good results. Might be worth a call.

Federal Benefits Made Simple – Federal Benefits Made Simple

federalbenefitsmadesimple.com

 

[mtmiller]

I found some value when I consulted with snowbird for Fed Retirement

https://www.snowbirdretirement.com/

 

[2rocky]

who manages your retirement account? you should have had some dialogue with them over the past 20-30 years.....

 

[Justabirdwatcher]

who manages your retirement account? you should have had some dialogue with them over the past 20-30 years.....

I talk to myself all the time. LOL

 

[SAJ-99]

I would bet you get a pretty good answer from Google on this.

 

[David58]

Where are you located?

 

[npaden]

Thought this was a thread about College Football Playoffs.

For retirement advice you are either going to have to share very specific goals and financial details on the world wide web or you're going to have to find someone to share that information with.

We are good at helping with general planning stuff and answers to specific questions but sounds like you have a lot of moving parts and are going to need someone to be able to look at the big picture with you. I would recommend someone who charges either an hourly rate or a set fee to consult with you.

 

[npaden]

Someone on here went through some of this same planning on buying a house with their retirement funds and whether to take out a mortgage and make payments from the monthly withdrawals or to bite the bullet and take out a lump sum and buy the house with that. It's going to come down to specific tax brackets, where you are at on the medicare spectrum vs. retiree health insurance, what state you are going to be in before and after the relocation, etc. LOTS of things to consider. If you have a really good handle on it and can ask specific questions I think we could help answer those questions. If you just need help on the overall big picture I think this is where a good financial planner could really help.

 

[BigHornRam]

Someone on here went through some of this same planning on buying a house with their retirement funds and whether to take out a mortgage and make payments from the monthly withdrawals or to bite the bullet and take out a lump sum and buy the house with that. It's going to come down to specific tax brackets, where you are at on the medicare spectrum vs. retiree health insurance, what state you are going to be in before and after the relocation, etc. LOTS of things to consider. If you have a really good handle on it and can ask specific questions I think we could help answer those questions. If you just need help on the overall big picture I think this is where a good financial planner could really help.

Yep. It comes down to giving uncle sam his cut, or giving some of uncle sam's cut to the mortgage industry.

 

[Justabirdwatcher]

Apparently this is a more common question than I realized. Yes, Google is my friend. I've found at least 6 videos addressing this very question and they all say basically the same thing. Don't withdraw a lump sum to pay for a house. Makes sense when you consider the tax implications. I guess I never dreamed of having a mortgage in retirement, but we've managed just fine with a mortgage for the past 25 years, so I'm not sure why it should worry me. And my returns on savings have been twice what my mortgage interest is in that time, so it's a no-brainer really.

Reason I ask here is there seem to be quite a few feds familiar with FERS, and that would be a big part of our retirement. I'd trust a member here (or their advice) before I'd want to chase down any local planners that may or may not have any experience with federal and state retirements.